• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Bitcoin May Stay in Downtrend Until End of 2024

user avatar

by Giorgi Kostiuk

a year ago

  1. Current Situation Analysis
  2. Optimistic Scenario
  3. Moderate Scenario


    4. Popular cryptocurrency analyst Benjamin Cowen shared his opinion on the current situation with Bitcoin and possible trends for the near future.

    Current Situation Analysis

    According to well-known cryptocurrency analyst Benjamin Cowen, Bitcoin could continue its downtrend until the end of 2024. He links this to the US Federal Reserve's (FED) interest rate decisions.

    Optimistic Scenario

    The analyst believes that if the neutral rate is higher than the FED's expectations, the downtrend of Bitcoin could be broken with rate cuts. "If the FED lowers rates and they fall below the neutral rate, the downtrend may end in September. However, this is an optimistic picture,” Cowen noted.

    If the neutral interest rate is higher than the FED thinks, the downtrend could be broken in October as interest rate cuts come.Benjamin Cowen

    Moderate Scenario

    In a moderate scenario, the analyst predicts a continued decline until the end of the year. According to Cowen, to end the downtrend, a rate cut of approximately 75 basis points is needed, which is possible only by the end of the year. "Then we can start to rise again in January 2025," the analyst concluded.

    An interest rate cut of approximately 75 basis points is needed to end the downward trend. This can only happen by the end of the year.Benjamin Cowen

    Summarizing his thoughts, Benjamin Cowen noted that the cryptocurrency market will depend on the decisions of the US Federal Reserve, especially regarding interest rates.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

House Democrats Call for Investigation into World Liberty Financial

chest

A coalition of over 40 House Democrats is urging the Treasury Department to investigate World Liberty Financial due to potential conflicts of interest and national security risks.

user avatarLeo van der Veen

Analysts Maintain Positive Outlook on Nvidia Stock After Deal Restructuring

chest

Analysts maintain a positive outlook on Nvidia's stock despite the restructuring of the Nvidia OpenAI deal, with a high average price target and strong investor confidence.

user avatarLi Weicheng

Nvidia Restructures OpenAI Deal to $30 Billion Equity Stake

chest

Nvidia has restructured its deal with OpenAI, reducing its commitment from $100 billion to a $30 billion equity stake.

user avatarAisha Farooq

Goldman Sachs Expands Crypto Exposure Beyond Bitcoin

chest

Goldman Sachs has diversified its cryptocurrency holdings, now including Ethereum, XRP, and Solana, while CEO David Solomon shares his personal Bitcoin investment.

user avatarTenzin Dorje

Crypto Market Faces Significant Outflows Amid Bearish Sentiment

chest

The cryptocurrency market is currently facing a bear market, characterized by significant outflows from crypto funds.

user avatarBayarjavkhlan Ganbaatar

XRP Price Trends Show Weak Momentum and Potential Support Levels

chest

XRP has corrected by approximately 40% since the start of the year, indicating weak momentum and potential support levels.

user avatarMohamed Farouk

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.